If you are the guy that comes from money, then you may not have to bother saving money. However, if you are experiencing income loss, less capable of paying off debts, or simply want to save for future purchasing or investment, you may find it struggling to learn how to save money. Here is a step by step guide for people who don’t know how to start to learn to save money.

1. Track and evaluate your spending habits.

Record your daily expenses and evaluate your spending habits. By doing so, you’ll be able to figure out how much you are spending and where the money goes. This is the most important step since you are learning about how to save money.

2. Reduce unnecessary bills.

Some bills are just not necessary for your basic needs and can be reduced or even eliminated. Putting aside the utility or any other household bills, you can reconsider your cell phone, Internet, and cable TV services. Call your service providers and request for lower rates.

3. Cut down the credit card rates.

You can call your credit card company and ask them to allow you to pay your debts off quickly and hence save more money. In addition, tell them that you are thinking about some lower offers from their competitors to get better rates, and normally they want to match the offer to keep your business.

4. Buy generic items.

Avoid buying name brand items, especially for household products such as cleaning products that you can’t tell the difference between brands. Take some time to re-think about your shopping habits and find out if you can make some changes.

5. Only buy goods in deep needs.

Before you make a purchase, ask yourself three times if you really need it. Think about the cost of the item and if it fits your monthly budget. In order to learn how to save money, you should force and train yourself to learn how to evaluate each purchase regarding your spending goals and plans.